November canola is up $.60 per metric ton (mt), Dec soybean oil is up .11 cents per pound, November European rapeseed is down 3.25 euros per mt and December Malaysian palm oil is down .02%. Dec oats are up 1 1/2 cents per bushel. November crude oil is up $.13 per barrel, November ULSD is up $.0248 per gallon, and the December Canadian dollar is down .00010 at .71365. The December U.S. Dollar Index is up .123 at 98.215 and the November Brazilian real is up .00100 at 0.18395.

Grain and oilseed markets are trading near session highs for the most part with little concrete news to confirm the reason. Canola and soybean oil remain the laggards given the mixed tone in energy markets. Cash markets are still suggesting there are concerns over disappointing row-crop yields and/or strong exports. Time will tell.

Cattle markets are sharply lower following President Trump's claim Thursday evening that "We did something" to lower beef prices. It is unclear yet what that means but traders don't like it any more than cattlemen do. So far it hasn't impacted grain markets other than possibly being a supportive factor if it means importing live animals, something that would be highly unlikely.

In outside markets, the reason for the wild reversals from overnight moves as I was preparing the Plains, Prairies Opening Comments was an interview that aired with President Trump in the early hours where he suggested he didn't expect the high tariffs against China will stand, he expects their relationship will be fine and he plans on meeting with Xi in two weeks. That resulted in a reversal from sharp overnight losses for equity and energy markets (to minor gains), Treasuries giving up significant gains to turn lower on the session and a $125/ounce reversal lower from record highs for gold prices. The U.S. dollar maintained small gains throughout.

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